10 AI Stocks on Analysts’ Radar As AI Spending Grows

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1. Snowflake Inc. (NYSE:SNOW)

Number of Hedge Fund Holders: 85

Snowflake Inc. (NYSE:SNOW) is a technology company that offers a cloud data warehouse platform for storing, analyzing, and sharing data securely. Its cloud-based data platform allows organizations to leverage artificial intelligence and extract insights from structured and unstructured data with features like Snowflake Cortex. On February 20, Gray Powell of research firm BTIG reiterated that the company’s recent outperformance is poised to continue on acceleration in AI workloads and as more artificial intelligence projects come to life.

The analyst upgraded the stock to a Buy with a $220 price target, reiterating that Snowflake Inc. (NYSE:SNOW) is well poised to benefit from improving demand amid growth in the broader cloud data analytics market. The impressive run in the market is also poised to continue amid solid underlying fundamentals characterized by strong earnings results, strengthening of generative AI product portfolio and inking of strategic partnerships with tech and AI companies.

While we acknowledge the potential of Snowflake Inc. (NYSE:SNOW) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than SNOW but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap.

Disclosure: None. This article was originally published at Insider Monkey.

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